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Foreclosures to resume in NJ - safeguards in place

As if things weren't already rough enough for struggling homeowners, New Jersey courts have now delivered a crushing blow. Acting on requests made by four of the country's largest banks, a judge has permitted resumption of home foreclosures in the state. One of the banks has approximately 25,000 homes waiting for the green light to proceed with foreclosures.

The foreclosure process had been halted when the banks' purportedly shady practices. One practice included 'robo-signing', a term used to describe bank officials attesting knowledge to a loan without ever knowing or reading the mortgage documents. Unfortunately, for many people who received a reprieve, time is once again running out for them as they are desperately trying to stop a foreclosure on their home.

Many people believe that the banks' practices have been immoral. For example, in one case, a bank was trying to foreclose on a homeowner who had obtained his mortgage from another lender! The problem was, he had never dealt with the foreclosing bank, nor had the banking giant bought out the loan. Sadly, this is only one of many instances that brought New Jersey foreclosures to a temporary halt.

Though the banks starting to resume foreclosures is unwelcome news for homeowners, the judge's ruling states that the four banks now ensured that they have "procedures in place" that are meant to make the foreclosure process less prone to dishonest manipulation.

The ruling relied upon a specially-appointed master's report on the workings of the banks and their new policies. The judge also reserved the right to make spot-checks of documentation submitted by the banks.

The thought of losing your home is terrifying. If you or someone you know is facing a struggle to stop foreclosure you may be best served to seek the advice of an attorney. Legal counsel familiar with the foreclosure process may be able to provide options that range from negotiating a repayment plan to the pursuance of other options that fit your specific situation.

Source: The New Jersey Newsroom, "Banks get OK to resume foreclosures in New Jersey," Joe Tyrrell, Aug. 16, 2011

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